Prospective home buyers seemingly can’t go wrong by waiting. As nearly each month passes and they build up their down payments, home prices continue to dip and mortgage rates set new record lows. According to Freddie Mac, 30-year fixed-rate home loans now average 4.09 percent, while 15-year fixed mortgages slid to 3.3 percent.

Drawing data from the Mortgage Bankers Association, CNNMoney reports that while mortgage applications increased 6.3 percent in the last week, only 23 percent of mortgage applicants planned to use the funds to buy a house. Most of the applicants appear to be savvy homeowners who are refinancing higher-interest mortgages.

Mortgage rates hit record low: 30-year fixed nears 4% [CNNMoney]

Previously: 30-Year Mortgage Rates Now Lowest Ever, People Still Aren’t Buying

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